SAN DIEGO--(BUSINESS WIRE)--
Innovative Industrial Properties, Inc. (the “Company”) (NYSE: IIPR)
announced today that it has filed a registration statement for a public
offering of Series A Cumulative Redeemable Preferred Stock (“Series A
Preferred Stock”). The Company expects to grant the underwriters a
30-day option to purchase additional shares to cover overallotments, if
any. Currently no market exists for the Series A Preferred Stock. The
Company plans to file an application to list the Series A Preferred
Stock on the NYSE under the symbol “IIPRPrA.”
The Company intends to use the net proceeds from this offering to invest
in specialized industrial real estate assets that support the regulated
medical-use cannabis cultivation and processing industry that are
consistent with its investment strategy, and for general corporate
purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT:LTS), is acting as book-running
manager for the offering. National Securities Corporation, a wholly
owned subsidiary of National Holdings Corporation (NasdaqCM: NHLD), is
acting as a co-manager for the offering.
This offering will be made only by means of a written prospectus. A copy
of the preliminary prospectus for the offering may be obtained, when
available, from Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue,
11th Floor, New York, NY 10022, or by email at [email protected].
A registration statement relating to these securities has been filed
with the SEC but has not yet become effective. These securities may not
be sold nor may offers to buy be accepted prior to the time that the
registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of such state or jurisdiction.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised Maryland
corporation focused on the acquisition, ownership and management of
specialized industrial properties leased to experienced, state-licensed
operators for their regulated medical-use cannabis facilities.
Innovative Industrial Properties intends to elect to be taxed as a real
estate investment trust.
This press release contains statements that the Company believes to
be “forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. All
statements other than historical facts, including, without limitation,
statements regarding the offering, are forward-looking statements. When
used in this press release, words such as we “expect,” “intend,” “plan,”
“estimate,” “anticipate,” “believe” or “should” or the negative thereof
or similar terminology are generally intended to identify
forward-looking statements. Such forward-looking statements are subject
to risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.Investors
should not place undue reliance upon forward-looking statements. The
Company disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171002006147/en/
Innovative Industrial Properties, Inc.
Catherine Hastings
Chief
Financial Officer, Chief Accounting Officer and Treasurer
(858)
997-3332
Source: Innovative Industrial Properties, Inc.